If there are no objections, by owners of real estate abutting on the portion of the street or alley to be vacated, sufficient to warrant retention of the right-of-way as determined by the council, and if the council deems that such vacation shall be to the public’s interest and advantage, the council may, by ordinance and subject to provisions of this code regarding payment of compensation, vacate such street, alley or part thereof reserving to the city an easement or the right to exercise and grant easement vacated land for the construction, repair and maintenance of public utilities and services and may impose such other conditions or limitations as it deems necessary and proper to preserve any desired public use or benefit. If the council finds that future development of undeveloped land abutting such street or alley may alter or increase need or public use in such strip, such vacation may be granted only upon execution of a covenant running with such abutting land to rededicate such portion upon a declaration of public use and necessity by the city council. (Ord. 4654 § 57, 1994. Formerly 20.30L.145.)